Crude Oil fails to breach – Analysis - 19/12/2014

Crude oil price couldn’t manage to breach the key level mentioned yesterday at 59.15, to bounce bearishly strongly and settles at the recorded lows around 54.00, noting that the price moves within potential sideways range, its lines represented by 54.10 support and 59.10 resistance, therefore, we suggest the domination of the sideways range on the upcoming trading until the price manages to breach one of the mentioned levels.

Stochastic offers positive signals now that might push the price for some recovery, noting that breaking 54.10 support will push the price to resume the main bearish trend to target 50.00 as a next main station, while breaching 59.10 resistance will allow the price to achieve intraday and short term gains that its initial targets reach 64.00.

Expected trading range for today is between 52.00 support and 59.10 resistance.

Expected trend for today: Sideways